Paul Allen to leave Microsoft board

MattAndrejczak

WASHINGTON (CBS. MW) -- Microsoft said Thursday co-founder Paul Allen will relinquish his board seat, a position that he has held off-and-on since 1981.

The Redmond, Wash.-based software giant said in its proxy statement that Allen would continue to serve as a "senior strategic advisor."

Allen, who left the company in 1984, previously served on Microsoft's board of directors from 1981 to 1984. His latest term began in 1990.

"Being an active board member for a dynamic company and successful company such as Microsoft is a time-intensive role and one I have enjoyed for many years," Allen said, in a statement. "However, this new role will enable me to spend my time on technology and products, where I can really make a significant contribution."

Allen currently runs Vulcan Ventures, an investment group that owns or holds stake in more than 140 new media and technology companies. He also is the owner of the Portland Trail Blazers and the Seattle Seahawks.

This year Allen has been actively selling some of his Microsoft holdings to diversify his investments.

Regulatory documents show that Allen has filed to sell approximately 76 million shares of Microsoft that carry an estimated value of $1.9 billion.

Microsoft also said Richard Hackborn, who has served on the board since 1994, has also decided not to seek re-election, reducing its board to six members.

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